Altcoin
VanEck Lists SUI ETN on Euronext Amsterdam and Paris
VanEck has initiated its new SUI ETN, which is listed on the Euronext Amsterdam and Paris exchanges. This product offers investors access to SUI’s blockchain without holding its tokens.
Sui has achieved a significant milestone, reaching $28 billion in decentralized exchange (DEX) trading volume by November 13, 2024. If Sui’s bullish price trend persists, the layer-one blockchain could witness a strong rally, potentially driving its price to $5. At the time of writing SUI price was up by over 7% to $3.18.
VanEck Unveils SUI ETN on Euronext Exchanges
VanEck debuted an SUI exchange-traded note, ETN, on the Euronext Amsterdam and Euronext Paris, offering investors indirect exposure to the Sui blockchain. Via this ETN, one can participate in developing the SUI token without ever owning or storing it.
Sui has recently reached a major milestone, achieving $28 billion in decentralized exchange (DEX) trading volume as of November 13, 2024. This figure is nearly three times the trading volume of its competitor Aptos, which currently stands at $9.4 billion. If the bullish trend in Sui’s price continues, layer one could experience a strong rally to reach $5. At the time of press SUI price was still rocketing by more than 7% to $3.18.
Sui is a decentralized innovative contract platform developed by Mysten Labs. It boasts high speeds and a friendly user experience. Unlike Bitcoin and Ethereum, which execute and settle transactions serially, resulting in delays and increased costs, Sui allows multiple transactions to happen at the same time. This feature makes it very attractive for use cases that require interaction in real-time, such as financial services or gaming.
Sui is about the fast finality of transactions, and that fills in the gap between traditional Web2 and decentralized Web3, said Martijn Rozemuller, the CEO of VanEck Europe. The blockchain uses a modified form of the Move programming language, which was invented for Meta’s Diem cryptocurrency project.
SUI Investment Simplified, But Proceed With Caution
As Menno Martens, Crypto Product Manager at VanEck Europe, explained, Sui has positioned itself favorably for success in scalability and low transaction costs compared to other older blockchain networks. Martens added that this Sui ETN would enable investors to easily tap into the growth potential of the blockchain via a regulated exchange-traded product.
The ETN follows the MarketVector Sui VWAP Close Index, tied to the price of the SUI token. Users process transactions within the ecosystem using SUI, the network’s native cryptocurrency. Bank Frick securely stores the ETN’s fully collateralized assets in cold storage.
Although it offers easier blockchain market access, potential investors should be aware of its associated risks. VanEck has noted the extreme volatility of digital assets and uncertainty regarding regulatory frameworks for cryptocurrencies in many cases. It is an ETN with a TER of 1.5% and can be traded like any other regulated stock exchange product.
The data underscores Sui’s rapid rise in the competitive DEX ecosystem, showcasing its growing dominance and user adoption. This milestone highlights the platform’s ability to attract significant liquidity and trading activity, setting it apart from other blockchain networks.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Dogecoin Code Appears In CyberTruck And Model 3 Website, Will Tesla Accept DOGE Payments For Cars Soon?
Dogecoin enthusiasts recently reignited discussions on the meme coin’s future after an observation shared on the social media platform X. KrissPax, a Dogecoin enthusiast, highlighted a curious detail that showed that DOGE is the only cryptocurrency currently embedded in the payment code for Tesla’s Cybertruck and Model 3 vehicles. Interestingly, this plays into the current bullish sentiment surrounding DOGE and rumors about Tesla’s plans to officially accept DOGE as a payment method.
Dogecoin Code In Tesla’s Payment: A Long-Standing Detail Revisited
The inclusion of Dogecoin in Tesla’s payment infrastructure has been known for some time, but the timing of its renewed focus has drawn attention. Notably, it comes during a notable price correction for the meme cryptocurrency.
Back in October 2023, reports surfaced about mentions of DOGE in the source code of Tesla’s Cybertruck checkout page. Particularly, crypto influencer MartyParty identified over 50 references to Dogecoin within the code.
However, the renewed interest stems from a recent post by Dogecoin enthusiast KrissPax on the social media platform X. He highlighted the presence of a DOGE code in Tesla’s payment systems, stating:
“Just remember, there is Dogecoin in the Cybertruck and Model 3 Tesla payment codes. Not any other crypto – just Dogecoin. Just waiting for Tesla to turn this option on!”
Although Tesla’s Cybertruck has since been launched, this year, the DOGE payment feature has not yet been activated. Nonetheless, its presence in the code suggests that Tesla is keeping the door open to allow DOGE transactions in the future.
What Does This Mean For DOGE?
Tesla CEO Elon Musk has long been a vocal supporter of Dogecoin, often relaying its use for everyday transactions. His enthusiasm for DOGE has been evident through numerous public endorsements, including Tesla’s decision in January 2022 to start accepting DOGE as payment for select merchandise. This endeavor created some sort of utility for DOGE, which is known for its meme status.
However, a final integration of DOGE as a payment method for Tesla cars would be the final straw in the electric vehicle maker’s creation of utility for the meme coin. A move of such magnitude would not only improve Dogecoin’s adoption but also open it up to another path of inflows, which would in turn benefit its price growth. Furthermore, other companies could follow in the footsteps of Tesla and make DOGE a payment method.
Interestingly, such a move would not be the first time Tesla accepted crypto payments for its vehicles. Back in 2021, Tesla started allowing customers to use Bitcoin as a form of payment. However, the initiative was short-lived, as Tesla discontinued Bitcoin payments just months later due to environmental concerns over the growing energy consumption of Bitcoin mining and transactions.
At the time of writing, the Dogecoin price is trading at $0.3842, down by 0.92 and 1.69% in the past 24 hours and seven days, respectively.
Featured image created with Dall.E, chart from Tradingview.com
Altcoin
5 Key Indicators To Watch For Ethereum Price Rally To $10K
The Ethereum price has surged more than 7% recently, with recent indicators hinting towards a potential ETH rally to $10K ahead. Notably, the recent surge also indicates a bullish momentum for the crypto ahead. So, here we explore some of the top indicators that could propel an ETH price surge ahead.
5 Indicators To Watch For Ethereum Price Rally Ahead
A recent X post from top on-chain analytics platform IntoTheBlock highlighted that Ethereum often follows Bitcoin’s rallies. While mixed signals exist, certain metrics suggest optimism. The platform noted that whales continue accumulating ETH, indicating confidence in the asset’s long-term growth. Increased transaction volumes and minimal selling pressure from holders are also contributing to Ethereum’s positive outlook.
In addition, one critical indicator is daily transactions, which recently rose to 1.22 million from 1.1 million three months ago. This slight uptick reflects growing network activity and rising demand for Ethereum.
Another key metric is large holder netflow, which tracks the buying activity of whales. When whales accumulate, it reduces sell-side pressure and supports price appreciation. Short-term holder behavior also warrants attention.
Meanwhile, increased activity among short-term investors often aligns with heightened retail interest. The holding time of transacted coins is another bullish sign. A steady hold time suggests that long-term investors are retaining their assets, keeping supply constrained as demand grows.
Lastly, exchange flows reveal sentiment trends. Significant outflows from exchanges typically indicate accumulation, signaling confidence among investors.
ETH Rally To $10K Imminent?
ETH price today was up nearly 8% and exchanged hands at $3,343, while its one-day trading volume rocketed 61% to $45.19 billion. In addition, Ethereum Futures Open Interest also rose more than 13%, indicating a strong market confidence towards the crypto.
Amid this, a top crypto market expert predicts ETH price to hit $10K in the coming days, sparking market speculations. However, despite that, a recent Ethereum price analysis hints that the top altcoin should soar past the $4K mark, before its further rally.
Having said that, a flurry of crypto market experts anticipates the crypto to continue its rally in the coming days. In addition, as BTC hits a new ATH recently, the market pundits expect the altcoins to follow suit, especially amid soaring optimism towards a clear regulatory path after Donald Trump’s election win.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Agency Reiterates “Digital Assets Securities” As XRP Eyes $2
Ripple SEC Lawsuit: The US Securities and Exchange Commission (SEC) hinted at “digital asset securities” claims amid the appeal in the Second Circuit Court. The move comes as XRP price surpassed $1 and expected a rally to $2 on Gary Gensler’s resignation and the end of XRP lawsuit during Donald Trump’s presidency.
US SEC Hints At Digital Asset Securities Claims In Ripple Lawsuit
In a PLI’s 56th Annual Institute speech last week, SEC Chair Gary Gensler reiterated “Bitcoin is not a security.” He also cleared the intention to continue considering XRP as security as he didn’t mention it along with “Bitcoin, ether, and stablecoins.”
“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion.”
Crypto lawyer James Murphy, also known as MetaLawMan slammed the US SEC for using the term “digital asset securities” again in an X post on Wednesday. Gensler and the SEC disregarded the court’s order on XRP security status in the Ripple SEC Lawsuit. This indicates that the agency failed to comply with its recent apology for using the term “crypto asset securities” in lawsuits.
Here we go again “digital asset securities.”
Unbelievable. https://t.co/vqCbEJ9PNh— MetaLawMan (@MetaLawMan) November 20, 2024
The regulator appealed the summary judgment on XRP sales by Ripple, XRP distribution to employees and others by the company, and XRP sales on exchanges by CEO Brad Garlinghouse and Executive Chairman Chris Larsen. However, the recent crypto narratives amid President-elect Trump has sparked speculation of the end of SEC v Ripple lawsuit.
Will XRP Lawsuit Get Dismissed?
The crypto community called for the dismissal of the long-running Ripple SEC lawsuit and resignation of SEC Chair Gary Gensler. Also, Ripple CEO Brad Garlinghouse said he is expecting a resolution or end of the SEC lawsuit after Trump’s win.
Ripple CTO David Schwartz cleared that the company is legally obligated to Ripple shareholders and not XRP holders. While Ripple can work around legal clarity around XRP and digital assets, the prices of digital assets don’t depend on the efforts of the company. Schwartz and lawyers assert XRP lawsuit will likely get dismissed or settled with $125 million.
Meanwhile, lawyer Bill Morgan asserted that the price of XRP is not influenced by Ripple’s efforts as seen by long-term investors. Notably, Gensler’s hint at resignation and the potential end of Ripple SEC lawsuit triggered an XRP price rally to $1.
XRP Price Rally to $2
XRP price is currently holding at 0.702 Fib retracement level. Any strong upside momentum can trigger the next move to the $1.6–$2. The strong sentiment in the XRP community and Trump’s crypto policies will maintain bullishness in the crypto market.
Popular analyst CredibleCrypto suggests XRP will probably going to make new ATH “a lot quicker than most are expecting.” XRP/ETH just reclaimed and retested a 4-year long-range in the monthly chart, which signals a 250% higher target. He predicted a target of $2.
XRP price jumped over 1% in the past 24 hours and 60% in a week, with the price currently trading at $1.13. The 24-hour low and high are $1.07 and $1.15, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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